For several weeks, there have been reports that the Prince Music Theater in Philadelphia would be shutting its doors, and as of yesterday morning, the rumors seemed to have been confirmed via a post on Talkin' Broadway's "All That Chat."

Today, the theater has released a statement that explains the reasons for the maelstrom of questions about the theater's future: "Since July of 2008, the Prince has been in an ongoing conflict leading to litigation with the theater's mortgage-holder, TD Bank. In the current environment, the Prince is not alone in its struggle to refinance and resolve issues with a large financial institution. Throughout this tough struggle, the creative spirit, ingenuity, and tenacity of the Prince artists, educators, young people, Board, and staff have remained strong, providing a remarkable renewable resource of perseverence and resilience."

The statement from the theater continues: "We see light at the end of the tunnel. Although we cannot comment on the pending litigation, we can report ongoing positive negotiations with TD Bank. We are optimistic that an amicable resolution will be completed very shortly."

Last week, TheaterMania attempted to confirm rumors by phone but was unable to obtain an official answer regarding the theater's future or its plans. On Sunday evening, an announcement during the QFest film festival on the stage of the Prince indicated the theater would be closing. A representative who answered the phone at the theater on the morning of July 21 told TheaterMania that "there is not an official statement" regarding a closure. TheaterMania's voicemail and email requests on the 21st went unanswered until a phone call and the receipt of the theater's release today.

For 2009-10, the Prince plans to offer a full season of original productions, Morgans Cabaret, co-productions, plus performances, film festivals, and film programs by resident companies from September 2009 to July 2010. Program details will be announced in the next few weeks.

For further information, visit www.princemusictheater.org.